Debt Forgiveness And Section 108 1 Credit
Learning mode
Debtors with cash flow issues who may be unable to pay their debts without accommodations from their lenders face numerous tax issues, and sometimes tax surprises, in the context of debt workouts and bankruptcy. The American economy is hurting and taxpayers are suffering. People are walking away from their homes and credit card debt. When creditors write off a debt, they are required by law to issue the taxpayer/debtor a Form 1099-C, Cancellation of Debt. Unfortunately, many taxpayers and their representatives are unacquainted with IRC section 108 which excludes many of these discharges or cancellations of debt from taxable income. Receiving a form 1099-C can be a scary thing for taxpayers, who frequently call their accountants for help.Â
This CE Tax webinar will discuss the various ways or reasons for the cancellation of debt income which can be excluded from income and the consequences of such action including :
1. Issuance of 1099’s
2. Exclusions from Gross Income
3. School loans, gifts, Deductible Debt
4. Bifurcations
5. Form 982
6. Reduction of Tax Attributes
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0271) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0271) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01863-24-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Mr. Heinkel has degrees in accounting,
law and a master’s in tax law (LL.M.) (all with honors) and has been published
in the Notre Dame Law Journal, the Journal of Real Estate Taxation, and The
Florida Bar Journal among others. Mr. Heinkel is a nationally-known expert on
tax procedures and resolution, representing people literally all over the
world. Further, he is also probably one of the very top experts in discharging
taxes in bankruptcy and has presented boot camps, seminars, webinars and other
presentations and on this and resolution-related topics around the country. He also
graciously makes himself available to consult with other professionals around
the country, usually free of charge.

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How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
PA
I appreciate this class because it’s not my strength. The instructor and his examples were good along with the handout. Great Q&A at the end of the session. Appreciate that he wasn’t trying to sell something.?
MK
I wanted to be brought up to date on debt forgiveness and felt the presenter did a great job in doing just that.
.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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